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Vard Holdings

daffytlh
Veteran

10-Jun-2014 14:42

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running.. not vested. congrats to those who do.

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ozone2002
Supreme

05-Jun-2014 10:45

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Blazing the order win trail (DBS)

  5 contracts (including LOIs) worth an estimated

NOK3bn signed so far in 2Q14

  Signs of revival in demand for high end

offshore support vessels is a big positive

  Positioned for normalised margins and sharp

earnings rebound by FY15

  Maintain BUY with higher TP of S$1.34

Signs LOI for its largest single vessel order ever, follows up with 2 more order wins

Orders continue to flow in faster than expected.

Vard has secured a design and construction contract

from Norwegian customer Rem Offshore for one highend

Offshore Construction and Anchor Handling Vessel

worth NOK800m, to be delivered in 1Q 2016. This is

the second contract secured in a week, following a LOI

for two PSVs (and an option for a third) signed with

upcoming PSV player Nordic American Offshore.

FY14 order wins could potentially better FY13&rsquo s

high. Including the LOIs, this marks Vard&rsquo s 5th contract

win in 2Q14 and its 13th newbuild contract since the

beginning of FY14. We estimate YTD contract wins to

be about NOK8.5bn already, or 60% of our full-year

order win forecast of NOK14bn within just five months

of FY14, ahead of our expectations. Vard is in the

running to beat FY13 new order wins of NOK14.2bn,

which included the landmark NOK6.5bn pipelay vessels

order from Petrobras.

Return of OSV orders a promising sign. Apart from

the offshore subsea construction space where Vard

scored heavily in FY13 and 1Q14, 2Q14 orders seem to

signal the long-anticipated revival in the high-end OSV

space as well, with orders for PSVs and anchor handlers

returning. Hence, with Brazil issues likely to diminish

from 2H14 onwards, and with improved utilisation and

arguably better priced contracts at the rest of the

Group&rsquo s yards, we maintain our BUY call with a higher

TP of S$1.34, as we believe the recent spate in order

wins and ongoing sector re-rating calls for a higher peg

of 11x FY14/15F blended earnings estimates.

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pcxiao2008
Master

05-Jun-2014 09:31

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up a few min....down again...

cut first..

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WanSiTong
Supreme

05-Jun-2014 09:21

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Vard Holdings Ltd (HD▼ , TP:S$1.19▲ ) - Deep drill into margins
With an earnings recovery priced in and risk-reward looking balanced, we turn cautious on Vard. Furthermore, our deep drill into margins does not offer us a high degree of confidence that the company is able to beat our FY15 EBITDA margin expectation of 8.2%, which we deem a key driver for its share price performance in the next six months. With this, we downgrade the stock to Hold from Add. However, our target price (still at 9x CY15 P/E, the mean since its IPO) is raised on the back of our FY15-16 EPS upgrades of 8-11%. We have factored in slightly higher EBITDA margins (FY15: 8.2%, prev. 8%) and orders. We will re-visit the stock on stronger margins and orders.

Phillip securities

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ozone2002
Supreme

05-Jun-2014 09:06

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Last:1.125 Vol:8240k -

super chiongster!

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pineapple123
Member

05-Jun-2014 07:57

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contracts monster

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lzt197208
Member

04-Jun-2014 17:55

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Let VARD fly higher and higher!!

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WanSiTong
Supreme

04-Jun-2014 17:26

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VARD: Secures NOK 800 Million Contract For Offshore Construction And Anchor Handling Vessel For Rem Offshore.

04 Jun 2014 17:18

Vard Holdings Limited has secured a contract for the design and construction of one Offshore Construction and Anchor Handling Vessel for Rem Offshore. The contract value is approximately NOK 800 million. The vessel will be of VARD 2 06 design, recently developed by Vard Design in Å lesund, Norway. Delivery is scheduled from Vard Brattvaag in Norway in 1Q 2016. The hull of the vessel will be delivered from Vard Tulcea in Romania...

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spore1
Supreme

04-Jun-2014 16:05

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Gaining momentum to move up

spore1 ( Date: 02-Jun-2014 19:34) Posted:

This champion is more likely to head higher to test $1.20

sporeshare.blog spot.sg/2014/06/vard.html

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guoyanyunyan
Supreme

04-Jun-2014 13:45

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Good post.

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Qanghoo
Supreme

04-Jun-2014 13:40

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MER' s 12-month target price for Sembmarine, set ages ago, was 5.30. But the counter never reached the target all this while, but sunk lower. Now they are still saying their 12-month target price for Sembmarine is 5.30. Looks more like shifting goalposts. So, be careful of their calls.

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guoyanyunyan
Supreme

04-Jun-2014 10:09

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tyre pong cek...lets add some hong...

Vard - Target price raised to $1.45

Closing at $1.115 yesterday (3 June), VARD is now trading 9.3% above its 50-day moving average price of $1.02.

Macquarie Equities Research (MER) has issued a report on VARD yesterday, raising their 12-month target price by 15% to $1.45 based on a Discounted Cash Flow methodology. Here are some excerpts from the report.

VARD is up 36% YTD (vs 4% for FSSTI), as the company redeems itself from the Brazil setback and owner swap in 2013. Led by a new and synergistic owner, VARD has made all the right moves in the past 15 months, in MER' s view.

MER include VARD in their Asia Marquee Buy list as they see another 34% return possible over the next 12 months. MER has raised their TP from S$1.25 to S$1.45, which still implies a moderate P/E of 10x and P/B of 1.8x on 2015E.

Impact

Redemption 1: Reviving Brazil business: New mgt' s focus is paying off as 3 out of the 5 loss-making vessels in the old yard have been delivered. Focus has turned to new yard, which has just started, and has 10 orders until 2016.
Redemption 2: Winning large orders to ensure 100% capacity use: VARD has won an unprecedented NOK23bn of orders since Jan &lsquo 13 (NOK8.9bn in 2014 YTD), leading to a peak order book of NOK27bn. Importantly, 25/27 vessels won would be built in key yards in Romania, Norway and Vietnam.
Redemption 3: Synergising with new owner to expand and grow: The new owner has helped VARD expand its reach to North America and yard capacity in Romania and Vietnam. It has also helped VARD add new clients.

Redemption impact &ndash back to the heydays:

Revenue inflection in 2015: Peak order book of NOK27bn ensures revenues jumping to ~NOK14-15bn from ~NOK12bn run-rate, in MER' s view.
Margin recovery from 2014: MER estimates EBITDA margins to improve from 6.2% in 2013 to 9.7% by 2016E.
Revenue inflection + margin recovery = robust profit growth: MER estimates 45% profit growth in 2015E on top of 54% profit growth in 2014E.

Earnings and target price revision

Increasing target price by 15% to S$1.45 (DCF valuation moved to 2015E).

Action and recommendation

Catalysts &ndash Plenty to keep the momentum going:
New orders: The stock has started moving with new orders. MER is calling for a record 2014 with NOK15bn of new orders.
Earnings upgrades: MER' s 2015 profit estimate is 8% above consensus. MER believes street is underestimating potential revenue inflection in 2015.
Resumption of dividend payouts: 30% min payouts will start from 2014.
Focus moves to 2015E valuations: Stock is at 1.3x P/B despite ROEs improving to 18% levels in 2015E. EV / order book is at only 0.4x.

Source: Macquarie Research - 4 Jun 2014

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pineapple123
Member

04-Jun-2014 10:09

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Must stay at 1.1 at least , to keep going up

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MtFaber
Senior

04-Jun-2014 09:58

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This vehicle need to be refulled and the driver need a rest! Those impatient ones are alighting but those going to the target destination are still in the vehicle! A little patience is required.

daffytlh ( Date: 04-Jun-2014 09:26) Posted:

tyre pong cek?

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daffytlh
Veteran

04-Jun-2014 09:26

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tyre pong cek?

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pineapple123
Member

03-Jun-2014 07:54

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short term traders: immediate target is 1.16 .. not that i am a short term trader but just sharing what i see :)

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InvestNotTrade
Senior

03-Jun-2014 07:15

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Yells: "seekingprivatereturns.blog"

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I did ride some of the uptrend to earn some money back. But decided against buying more at higher prices.

Anyway, according to this website,
https://gcaptain.com/nordic-american-offshore-initiates-100m-ipo-order-for-new-psvs/
The 2 PSV is valued around $80m usd

pineapple123 ( Date: 02-Jun-2014 21:46) Posted:

why never double positions bro

InvestNotTrade ( Date: 02-Jun-2014 19:55) Posted:

bot Vard at $1.3 and $1.27. Will it return to its heydays? :/

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pineapple123
Member

02-Jun-2014 21:46

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why never double positions bro

InvestNotTrade ( Date: 02-Jun-2014 19:55) Posted:

bot Vard at $1.3 and $1.27. Will it return to its heydays? :/

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Qanghoo
Supreme

02-Jun-2014 21:13

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Hmmmmmmmmmmmmmmm. This explains the jump and extra high volume? Insider trading again. Go on, SGX, continue sleeping.

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WanSiTong
Supreme

02-Jun-2014 20:05

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VARD SIGNS LETTER OF INTENT WITH NORDIC AMERICAN OFFSHORE

Singapore, 2 June 2014 &ndash Vard Holdings Limited (" VARD" ), one of the major global designers and shipbuilders of offshore and specialized vessels, is pleased to announce that it has entered into a Letter of Intent (" LOI" ) with Nordic American Offshore Ltd. for the design and construction of two Platform Supply Vessels (" PSV" ), and an option for a third vessel.

The vessels are of VARD 1 08 design, developed by Vard Design in Å lesund, Norway. The hulls of the vessels will be built at Vard Braila in Romania. Delivery is scheduled from Vard Aukra in Norway in 2Q and 3Q 2015.

The LOI is valid until the end of 2Q 2014, with the option for the third vessel expiring at end-July 2014.

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